Quantum Machines Raises $50 Million & Looks to Fund Expansion into Quantum Cloud Computing
(VentureBeat) Quantum Machines has raised $50 million in a series B round of funding as it looks to fund expansion into quantum cloud computing.
Founded out of Tel Aviv in 2018, Quantum Machines last year formally launched its Quantum Orchestration Platform, pitched as an extensive hardware and software platform for “performing the most complex quantum algorithms and experiments” and taking quantum computing to the next level by making it more practical and accessible.
Quantum Machines is focused on developing a new approach to controlling and operating quantum processors.
Quantum computing appears to be gaining venture funding momentum, as evidenced by Quantum Machines’ latest raise. The company had previously raised $23 million, including a $17.5 million series A from last year, and its series B round was led by Red Dot Capital Partners, with the participation from Samsung Next, Battery Ventures, Valor Equity Partners, Exor, Claridge Israel, Atreides Management LP, TLV Partners, and 2i Ventures, among others.
The company said it plans to use its fresh capital to help implement an “effective cloud infrastructure for quantum computers.”